Recent News
On October 1, 2025 Halozyme announced a deal to acquire Elektrofi for up to $900 million, including $750 million upfront and $150 million in regulatory milestones, to add high-concentration Hypercon delivery technology. On November 6, 2025 Halozyme priced $650 million of 0% convertible senior notes due 2031 and $650 million of 0.875% convertible senior notes due 2032 as part of a larger financing plan. On November 12, 2025 Halozyme registered a higher Relative Strength rating and analyst commentary highlighted improved price performance following recent corporate developments.
Technical Analysis
ADX at 25.09 indicates a strengthening trend environment; directional indicators show DI+ at 22.46 with a peak-and-reversal, and DI- at 16.63 with a dip-and-reversal, which together suggest the trend strength currently supports downside momentum while longer-term trend integrity persists.
MACD sits at 0.40 below its signal line at 0.54 and shows a peak-and-reversal, a configuration that signals bearish momentum and increases the likelihood of further short-term price pressure relative to recent highs.
MRO reads positive at 1.58 with an increasing trajectory, indicating price presently trades above the model target and carries a modest probability of mean reversion toward intrinsic measures; that dynamic aligns with other short-term weakening indicators.
RSI at 51.68 with a peak-and-reversal indicates recent loss of upward momentum and leaves room for additional downward movement before reaching oversold conditions, supporting a near-term bias toward consolidation or pullback.
Price sits below several short-term trend measures: the 20-day average ($70.54), 12-day EMA ($69.92) and ichimoku Tenkan-sen ($70.31), while remaining above the 200-day average ($63.04). That arrangement favors mean reversion toward short-term averages while longer-term support near the 200-day average may limit deeper declines.
Bollinger band placement shows the close ($66.54) has slipped below the 1x lower band ($68.39) but remains above the 2x lower band ($66.25), a position that exhibits short-term downside extension without an extreme volatility breakout; the super trend upper at $72.83 serves as nearby resistance for any recovery attempt.
Volume at 1,864,847 trails 10-, 50- and 200-day averages, implying reduced conviction in recent moves and increasing the significance of any volume uptick that accompanies a directional shift.
Fundamental Analysis
Total revenue reported at $354,264,000 and net income at $175,225,000 reflect strong royalty-driven margins; gross margin stands at 84.41% and operating margin at 61.51%, while EBIT margin registers 63.02%. EBIT margin improved by 7.74% year-over-year and contracted by 1.94% quarter-over-quarter. The company reported GAAP diluted EPS of $1.43 versus an estimate of $1.39, producing an EPS surprise of 2.88%.
Liquidity measures show cash and short-term investments of $701,963,000 and cash of $419,665,000, with a cash ratio of 83.84% and quick ratio of 1.365, supporting near-term obligations despite a net debt position of $1,091,092,000 after borrowing. Interest coverage sits at 51.97x, indicating ample capacity to service interest even with elevated leverage metrics such as debt-to-equity at 299.80% and debt-to-EBITDA at 6.20x.
Cash flow metrics remain favorable: operating cash flow at $178,597,000, free cash flow at $175,567,000 and a cash flow margin of 44.92%. Free cash flow yield equals 2.21% and free cash flow grew 78.88% year-over-year while contracting QoQ. Free cash flow converts roughly 100% of net income into cash, supporting both buybacks and M&A activity.
Growth and efficiency show mixed signals: reported revenue growth sits at 8.76% while YoY revenue growth figure reads -65.48% in the provided metrics; return on equity measures 34.77% and return on assets 8.20%, and asset turnover remains low at 0.1657, consistent with a royalty-heavy business model that generates high margins on modest asset intensity.
Valuation multiples present elevated expectations: trailing P/E at 47.21x, forward P/E at 56.63x and enterprise multiple of 35.88. Price-to-book near 15.74 contrasts with industry peer mean and median book multiples, placing tangible-book comparisons above industry peer mean and median. WMDST values the stock as over-valued based on these multiples and the balance of cash generation against capital structure commitments.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-03 |
| NEXT REPORT DATE: | 2026-02-02 |
| CASH FLOW | Begin Period Cash Flow | $ 61.9 M |
| Operating Cash Flow | $ 178.6 M | |
| Capital Expenditures | $ -3.03 M | |
| Change In Working Capital | $ -58.28 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 357.8 M | |
| End Period Cash Flow | $ 419.7 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 354.3 M | |
| Forward Revenue | $ 71.9 M | |
| COSTS | ||
| Cost Of Revenue | $ 55.2 M | |
| Depreciation | $ 2.7 M | |
| Depreciation and Amortization | $ 20.4 M | |
| Research and Development | $ 17.3 M | |
| Total Operating Expenses | $ 136.3 M | |
| PROFITABILITY | ||
| Gross Profit | $ 299.0 M | |
| EBITDA | $ 243.7 M | |
| EBIT | $ 223.3 M | |
| Operating Income | $ 217.9 M | |
| Interest Income | — | |
| Interest Expense | $ 4.3 M | |
| Net Interest Income | $ -4.30 M | |
| Income Before Tax | $ 219.0 M | |
| Tax Provision | $ 43.7 M | |
| Tax Rate | 20.2 % | |
| Net Income | $ 175.2 M | |
| Net Income From Continuing Operations | $ 175.2 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.39 | |
| EPS Actual | $ 1.43 | |
| EPS Difference | $ 0.04 | |
| EPS Surprise | 2.878 % | |
| Forward EPS | $ 1.21 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.2 B | |
| Intangible Assets | $ 765.4 M | |
| Net Tangible Assets | $ -261.45 M | |
| Total Current Assets | $ 1.3 B | |
| Cash and Short-Term Investments | $ 702.0 M | |
| Cash | $ 419.7 M | |
| Net Receivables | $ 351.3 M | |
| Inventory | $ 185.8 M | |
| Long-Term Investments | $ 55.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 15.4 M | |
| Short-Term Debt | $ 710.7 M | |
| Total Current Liabilities | $ 837.2 M | |
| Net Debt | $ 1.1 B | |
| Total Debt | $ 1.5 B | |
| Total Liabilities | $ 1.7 B | |
| EQUITY | ||
| Total Equity | $ 503.9 M | |
| Retained Earnings | $ 502.1 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 4.29 | |
| Shares Outstanding | 117.523 M | |
| Revenue Per-Share | $ 3.01 | |
| VALUATION | Market Capitalization | $ 7.9 B |
| Enterprise Value | $ 8.7 B | |
| Enterprise Multiple | 35.877 | |
| Enterprise Multiple QoQ | -0.803 % | |
| Enterprise Multiple YoY | -12.585 % | |
| Enterprise Multiple IPRWA | high: 52.77 HALO: 35.877 median: 24.843 mean: 4.591 low: -79.113 |
|
| EV/R | 24.677 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 4.408 | |
| Asset To Liability | 1.293 | |
| Debt To Capital | 0.75 | |
| Debt To Assets | 0.68 | |
| Debt To Assets QoQ | -7.432 % | |
| Debt To Assets YoY | -4.229 % | |
| Debt To Assets IPRWA | high: 1.045 HALO: 0.68 mean: 0.21 median: 0.073 low: 0.0 |
|
| Debt To Equity | 2.998 | |
| Debt To Equity QoQ | -33.895 % | |
| Debt To Equity YoY | -9.769 % | |
| Debt To Equity IPRWA | HALO: 2.998 high: 1.395 mean: 0.193 median: 0.09 low: -0.869 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 15.744 | |
| Price To Book QoQ | -28.74 % | |
| Price To Book YoY | 2.381 % | |
| Price To Book IPRWA | high: 17.968 HALO: 15.744 mean: 6.887 median: 5.638 low: -8.555 |
|
| Price To Earnings (P/E) | 47.207 | |
| Price To Earnings QoQ | 10.622 % | |
| Price To Earnings YoY | 9.531 % | |
| Price To Earnings IPRWA | high: 56.753 HALO: 47.207 mean: -4.369 median: -12.694 low: -93.179 |
|
| PE/G Ratio | 6.278 | |
| Price To Sales (P/S) | 22.394 | |
| Price To Sales QoQ | -0.779 % | |
| Price To Sales YoY | -6.683 % | |
| Price To Sales IPRWA | high: 1129.647 mean: 73.955 median: 26.34 HALO: 22.394 low: 0.466 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 56.626 | |
| Forward PE/G | 7.531 | |
| Forward P/S | 110.378 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.759 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.166 | |
| Asset Turnover Ratio QoQ | 8.137 % | |
| Asset Turnover Ratio YoY | 16.761 % | |
| Asset Turnover Ratio IPRWA | high: 0.438 HALO: 0.166 mean: 0.116 median: 0.107 low: 0.0 |
|
| Receivables Turnover | 1.052 | |
| Receivables Turnover Ratio QoQ | 2.253 % | |
| Receivables Turnover Ratio YoY | -9.974 % | |
| Receivables Turnover Ratio IPRWA | high: 6.279 mean: 1.457 median: 1.412 HALO: 1.052 low: 0.006 |
|
| Inventory Turnover | 0.301 | |
| Inventory Turnover Ratio QoQ | 12.373 % | |
| Inventory Turnover Ratio YoY | -11.535 % | |
| Inventory Turnover Ratio IPRWA | high: 2.722 mean: 0.602 median: 0.37 HALO: 0.301 low: -0.015 |
|
| Days Sales Outstanding (DSO) | 86.774 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 414.748 | |
| Cash Conversion Cycle Days QoQ | 9.524 % | |
| Cash Conversion Cycle Days YoY | 8.869 % | |
| Cash Conversion Cycle Days IPRWA | high: 1241.621 HALO: 414.748 median: 189.366 mean: 184.748 low: -1809.09 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.721 | |
| CapEx To Revenue | -0.009 | |
| CapEx To Depreciation | -1.14 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.3 B | |
| Net Invested Capital | $ 2.0 B | |
| Invested Capital | $ 2.0 B | |
| Net Tangible Assets | $ -261.45 M | |
| Net Working Capital | $ 491.5 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.838 | |
| Current Ratio | 1.587 | |
| Current Ratio QoQ | -81.017 % | |
| Current Ratio YoY | -84.676 % | |
| Current Ratio IPRWA | high: 25.502 mean: 4.402 median: 3.195 HALO: 1.587 low: 0.02 |
|
| Quick Ratio | 1.365 | |
| Quick Ratio QoQ | -80.522 % | |
| Quick Ratio YoY | -85.079 % | |
| Quick Ratio IPRWA | high: 13.391 mean: 2.807 median: 2.481 HALO: 1.365 low: 0.02 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 6.2 | |
| Cost Of Debt | 0.227 % | |
| Interest Coverage Ratio | 51.968 | |
| Interest Coverage Ratio QoQ | 9.084 % | |
| Interest Coverage Ratio YoY | 38.564 % | |
| Interest Coverage Ratio IPRWA | high: 815.709 HALO: 51.968 mean: 40.044 median: 4.2 low: -1538.4 |
|
| Operating Cash Flow Ratio | 0.19 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 33.512 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 8.147 % | |
| Revenue Growth | 8.764 % | |
| Revenue Growth QoQ | -61.858 % | |
| Revenue Growth YoY | -65.477 % | |
| Revenue Growth IPRWA | high: 301.849 % HALO: 8.764 % mean: 8.031 % median: 4.118 % low: -259.856 % |
|
| Earnings Growth | 7.519 % | |
| Earnings Growth QoQ | -62.064 % | |
| Earnings Growth YoY | -80.993 % | |
| Earnings Growth IPRWA | high: 162.5 % HALO: 7.519 % median: -6.452 % mean: -13.336 % low: -198.545 % |
|
| MARGINS | ||
| Gross Margin | 84.407 % | |
| Gross Margin QoQ | -1.586 % | |
| Gross Margin YoY | 1.743 % | |
| Gross Margin IPRWA | high: 105.39 % HALO: 84.407 % median: 83.077 % mean: 79.758 % low: -35.147 % |
|
| EBIT Margin | 63.019 % | |
| EBIT Margin QoQ | -1.943 % | |
| EBIT Margin YoY | 7.743 % | |
| EBIT Margin IPRWA | high: 3270.865 % HALO: 63.019 % median: 34.344 % mean: -114.698 % low: -8139.786 % |
|
| Return On Sales (ROS) | 61.514 % | |
| Return On Sales QoQ | -1.027 % | |
| Return On Sales YoY | 5.17 % | |
| Return On Sales IPRWA | high: 573.037 % HALO: 61.514 % median: 26.151 % mean: -178.194 % low: -8613.378 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 175.6 M | |
| Free Cash Flow Yield | 2.213 % | |
| Free Cash Flow Yield QoQ | 65.768 % | |
| Free Cash Flow Yield YoY | 35.269 % | |
| Free Cash Flow Yield IPRWA | high: 30.655 % HALO: 2.213 % median: 0.686 % mean: 0.295 % low: -57.887 % |
|
| Free Cash Growth | 78.88 % | |
| Free Cash Growth QoQ | -319.33 % | |
| Free Cash Growth YoY | -30.79 % | |
| Free Cash Growth IPRWA | high: 190.123 % HALO: 78.88 % mean: 27.411 % median: 21.696 % low: -198.468 % |
|
| Free Cash To Net Income | 1.002 | |
| Cash Flow Margin | 44.916 % | |
| Cash Flow To Earnings | 0.908 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 8.197 % | |
| Return On Assets QoQ | 5.482 % | |
| Return On Assets YoY | 22.27 % | |
| Return On Assets IPRWA | high: 30.5 % HALO: 8.197 % median: -0.134 % mean: -2.312 % low: -66.968 % |
|
| Return On Capital Employed (ROCE) | 16.131 % | |
| Return On Equity (ROE) | 0.348 | |
| Return On Equity QoQ | -29.943 % | |
| Return On Equity YoY | 14.895 % | |
| Return On Equity IPRWA | high: 0.948 HALO: 0.348 median: -0.002 mean: -0.008 low: -1.385 |
|
| DuPont ROE | 41.886 % | |
| Return On Invested Capital (ROIC) | 8.843 % | |
| Return On Invested Capital QoQ | -3.45 % | |
| Return On Invested Capital YoY | -47.325 % | |
| Return On Invested Capital IPRWA | high: 31.965 % HALO: 8.843 % median: 4.232 % mean: -0.169 % low: -73.241 % |
|